I am selling my maisonette in Canonbury and the estate agent has just text me to say that the buyers are swapping property lawyer. I am told that this is due to the fact that the bank will only deal with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only work with certain solicitors rather the firm that they want to choose to handle their conveyancing in Canonbury ?
Banks have always had panels of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are not going to have any sway in the decision.
When will exchange of contracts take place for residential conveyancing in Canonbury and am I required to attend the solicitors office?
Where you are round the corner to one of the conveyancing solicitors in Canonbury you are invited in to sign contracts. That being said, the firms we recommend offer a national conveyancing service and give just as comprehensive and professional a job for you when communicating with you electronically. The signing of the sale agreement is not the point of no return. Signing on the dotted line is just a prerequisite for the solicitor to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Canonbury)to be in the office available at the end of the phone to exchange contracts.
What is your number one tip for finding a conveyancing solicitor in Canonbury
We would encourage you not to base your choice on the cheapest Canonbury conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
Forgive me if this question is silly but I am unseasoned as a first time buyer of a two bedroom flat in Canonbury. Do I collect the keys to the property on the completion date from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in Canonbury?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you will be able to receive the keys from the selling Agents and start moving into the property. Usually this occurs early afternoon.
I happen to be the sole recipient of my late father’s estate and I have everything in my name now, including the my former home in Canonbury. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship will be regarded the same way as if I'd bought the house in August. Do I have to wait half a year to sell?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be affected by that. Most lenders would take a sensible view as this clause principally exists to capture the purchase and immediately sell or the flipping of properties.
It has been five months since my purchase conveyancing in Canonbury concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a straight forward, chain free conveyancing. Canonbury is where the house is located. Can you offer any assistance?
Flying freeholds in Canonbury are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Canonbury you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Canonbury may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
My father has recommend that I appoint his lawyers for conveyancing in Canonbury. Do I take his recommendation?
No doubt the ideal way to select a conveyancing lawyer is to get guidance from friends or relatives who have previously instructed the firm you're considering.